Business
Placing and Subscription to raise £700,000
Placing and Subscription to raise £700,000.
About this update from Phoenix Copper Ltd. (united Kingdom)
[{"type":"text","content":"\n \nRNS Number : 9074Z Phoenix Global Mining Ltd 23 May 2019 \n\nPhoenix Global Mining Ltd\nTicker LSE AIM: PGM, OTCQX: PGMLF / Sector: Mining\n \n23 May 2019\nPhoenix Global Mining Ltd \n('Phoenix' or the 'Company')\n \nPlacing and Subscription to raise £700,000\n \n· Placing at a premium of 13.3 % (to closing mid-price as at 22 May 2019) with a 1:4 warrant at 28p\n· Placing to accelerate the Bankable Feasibility Study on an open pit heap leach SX-EW operation to produce copper and zinc\n· Project finance discussions underway\n \n \nPhoenix Global Mining Ltd (AIM: PGM, OTCQX: PGMLF), the North American-focused base and precious metals exploration and development company, is pleased to announce that it has raised £700,000 (before expenses) by way of a placing and subscription of 4,117,647 new ordinary shares of nil par value each (\"New Shares\") at a price of 17 pence (the \"Fundraising\", \"Issue Price\"). The Company will also issue 1 Warrant for every 4 New Shares (\"Warrants\") subscribed for, exercisable at 28 pence per share and valid until 31 January 2022. The Warrants will not be listed. \n \nThe proceeds will be used to further advance the Company's flagship asset, the Empire Mine in Idaho, United States of America. The proceeds will be applied to accelerate the Bankable Feasibility Study (\"BFS\") on an open pit heap leach solvent extraction electrowinning (\"SX-EW\") project, to produce copper and zinc, following the recently published updated NI 43-101 compliant resource (announcement dated 7 May 2019) which confirmed sufficient Measured and Indicated resources on which a BFS can be based. The Company expects the BFS to be completed in mid-2020, and production to commence in 2021.\n \nDuring the BFS, the Company will be carrying out a number of work programmes, including detailed mine planning and scheduling, additional metallurgical testwork, heap leach pads, ponds and process plant design, infrastructure design, environmental impact statement and project economic analysis. \n \nDennis Thomas, Chief Executive Officer, said: \n \n\"We are pleased to announce the closing of this financing and the support received from both new and existing shareholders that have foll...